In an increasingly uncertain global landscape, China has showcased remarkable resilience in its foreign trade, paving the way for economic recovery and growth. According to data from the General Administration of Customs, the total value of China's imports and exports reached 32.33 trillion yuan in the first three quarters of 2024, surpassing the 32 trillion mark for the first time with a year-on-year increase of 5.3 percent.
Exports alone climbed to 18.62 trillion yuan, marking a 6.2 percent rise, while imports grew by 4.1 percent to 13.71 trillion yuan. This steady expansion underscores the robust vitality of China's economy and its foreign trade sector.
China's trade growth was not limited to traditional markets. Over 160 countries and regions engaged in trade with China, with the Belt and Road Initiative (BRI) partners contributing significantly. Trade with BRI countries totaled 15.21 trillion yuan, a 6.3 percent increase, accounting for nearly half of China's total trade. Additionally, trade with the EU and the U.S. saw gains of 0.9 percent and 4.2 percent, respectively.
High-tech and green products have been key drivers of this growth. Exports of high-end equipment surged by over 40 percent, with mechanical and electrical products making up nearly 60 percent of total exports. The "new three" sectors—electric vehicles, lithium batteries, and photovoltaic products—exported goods worth 757.83 billion yuan, representing 4.1 percent of total exports. These figures highlight China's strengthening position in high-tech and sustainable industries.
Despite these impressive numbers, challenges such as rising global trade protectionism, frequent geopolitical conflicts, and supply chain bottlenecks persist. To navigate these obstacles, China is focusing on several strategic initiatives:
- Deepening Cooperation with BRI Countries: Strengthening partnerships in infrastructure, finance, and technology to diversify markets and reduce reliance on traditional regions.
- Enhancing Competitiveness in High-Tech and Green Exports: Investing in R&D to improve product quality and technological sophistication, meeting global demand for eco-friendly products.
- Promoting New Foreign Trade Forms: Leveraging the digital economy to develop cross-border e-commerce and market procurement trade, fostering new growth drivers.
- Optimizing the Business Environment: Implementing tax cuts, reducing fees, streamlining administrative processes, and facilitating customs clearance to lower operational costs for trade enterprises.
- Strengthening International Trade Rule-Making: Actively participating in formulating international trade rules to ensure a fair and transparent competitive environment.
Looking ahead, China remains committed to high-standard opening-up and is actively exploring new opportunities to drive economic restructuring and industrial upgrading. This proactive approach is expected to sustain the momentum of China's foreign trade, contributing significantly to global economic stability and growth.
Reference(s):
Exploring new chances for foreign trade to drive economic recovery
cgtn.com
